It is still work in progress, only half of the functions are working, because there are too many complications. I'll continue further, because school will start soon. If you're a skilled developer (knowing reverse engineering and basics about the VSH) and you want to contribute on this project, so write me a message. But I'll only answer if you're a trusted developer!

If it is the psp ver. Of the game you can send it to the vita. But if it is the ps3 ver. Of the game then it will not work. not sure if it is down from the store or not but if they didn't take it down then install it and you are good to go. But if it is down you will have to wait into they find another game.

Video: VHBL Exploit on PS Vita Firmware 2.02 by Tomtomdu80 Demo

To quote via wololo's blog: A new user mode exploit has been found by user tomtomdu80.

What makes this user mode exploit different from others is that tomtomdu80 was able to port it to VHBL and has gotten quite good homebrew compatibility, not many exploits achieve this. Below is a video showing the exploit.

1- I personally confirm this exploit as I’ve tested it myself on my vita
2- he hides the vita in the video to prevent the game from being shown

I know most of you might be expecting a CFW, but lets be realistic for a second, no dev right now has the intention to release a kernel exploit. We would be very lucky if someone releases a user mode exploit to be used with the kernel exploit that got released recently, but once Sony will most likely patch that kernel exploit in the next firmware, we’ll probably have to go back to using VHBL. Let me know your thoughts on this.

Video: PS Vita Half Byte Loader for Firmware 2.05 by Tomtomdu80 Demo

Following up on his previous VHBL exploit and Sony's PS Vita Firmware Update v2.05, Tomtomdu80 has now made available a demo video spotlighting a PS Vita Half Byte Loader for Firmware 2.05 below.

To quote: We announced last week that developer Tomtomdu80 got VHBL to run with a new user mode exploit. A few days ago, The Z published a video showing Tomtomdu80′s exploit running VHBL perfectly on PS Vita’s latest firmware 2.05.

Firmware 2.05 patches both the user and kernel exploits used with UNO to run CEF and ARK. It’s also been confirmed that the latest Sony firmware patches several kernel exploits that were all relying on the same pattern (security issues related to the kermit wlan implementation). Technically, the end user is back to square one if they are on firmware 2.05.

Thankfully, there are still lots of usermode exploits available in many psp games, and some of them can be used to port, if not a psp custom firmware (a kernel exploit would be required for that), at least VHBL.

VHBL is a Homebrew loader for the Vita running in the psp emulator. It offers overall less compatibility than a psp custom firmware, but is also less prone to flame wars between hackers and gamers, as it doesn’t technically let people play pirated psp or vita games.

Tomtomdu80 announced he would be releasing his port of VHBL when Sony releases a “meaningful” update, which might or might not be 2.05. We will of course keep you updated, by now you probably know how these exploits get released